From: Philip Johnston <scribepj@bigpond.com>
Sent: Thursday, October 29, 2020 7:25 AM
To: 'susan.grusovin@aph.gov.au'
Subject: Yesterday I posted to Paul Keating evidence that the RBA
has breached its Statutory Duty pursuant to Section 10(2) of the Reserve Bank
Act 1959 that obligates the RBA to "best contribute to.... the economic
prosperity and welfare of the people of Aust
Susan
I
worked for CBA for 37 years prior to retirement and had dealings with four RBA
personnel in Note Issue Dept. Albeit it was many moons ago when
the RBA was a creditable ‘central bank’ regulator that kept the commercial banks
in check because of the RBA’s (below explained) obligation to "best contribute to.......... the economic
prosperity and welfare of the people of Australia" that has sat within the Reserve Bank Act
1959 since it replaced the Commonwealth Bank as Australia’s ‘central bank’ a
smidgeon over 60 years ago.
Australia’s
‘central bank’s charter, when Commonwealth Bank of
Australia was the ‘central bank;’, and post
1960 when the RBA became Australia’s ‘central bank’, has been to protect
Australians with poor financial literacy capacity.
I refer to my phone call with you at 9358.5466 (approx two weeks
ago) when I told you that I would like to post on CD (and optional USB Stick) a
letter to Paul Keating that explains/chronicles a welter of conclusive evidence
that the RBA has breached its Statutory Duty, pursuant to the below two
Sections of the Reserve Bank Act 1959, to Credit
Cardholders with poor Financial Literacy Capacity that have been exposed to
Predatory Marketing by some Credit Card Issuers and suffered Extreme Financial
And Emotional Distress paying in excess of $20,000 in interest and
fees on multiple Credit Cards:
·
Section 10(2) 'Functions of Reserve Bank Board' of the Reserve Bank Act 1959 that obligates it
to "best contribute to.......... the economic prosperity
and welfare of the people of Australia".
·
Section 11(1) of the Reserve Bank Act 1959
due to not having informed respective Govts that it, the RBA, needed to
re-impose a Maximum Interest Rate ‘cap’ on Credit Cards which stood at
18% until it was lifted in April 1985 when the Overnight Cash Rate was
17.2%. The maximum spread between the current Overnight Cash Rate of
0.25% and the highest Latitude Financial Credit Card is now over 28% which is
an Unconscionable Usurious interest rate.
Embedded
threads in the CDs and USB Sticks render it easy to readily access/navigate
supporting evidence relied upon. Back in the olden days one had to
flick thru hundreds of pages of physical Annexures in A4 when considering
allegations made and supporting evidence relied upon.
At
my behest, you gave me your email address.
1st
Attachment is a photo of an envelope that I posted yesterday to Paul Keating’s
Potts Point post box that contains –
·
3 x CDs (2nd and 3rd Attachment),
·
3 x USB Sticks; and
·
3 parcels of A4 hardcopy of my explanatory letter to Paul Keating,
that
provides a welter of evidence that the RBA has breached Section 10(2) by
abrogating its obligation/duty to "best contribute to.......... the economic prosperity and welfare
of the people of Australia", in particular to Australian adults who, through no fault of
their own, possess poor Numeracy, Literacy and Pross skills, as quantified in
voluminous published reports by the ABS and the Productivity Commission.
4th
Attachment is my Letter to Paul Keating dated 28 Oct 20 that will auto open if
any of the three CDs is inserted in the CD Drive of a Windows Operating System
and then following the mouse prompts provided at the top of my 4th
Attachment.
Below
is an extract:
Section
2 B. of Extensive Powers and Responsibilities evidence that the
RBA's powers and obligations to 'inter alia' "best contribute to..........
the economic prosperity and welfare of the people of Australia" are "unique among central banks" and exceed the obligations upon the USA and
UK 'central banks', U.S. Federal Reserve and The Bank of England respectively,
to their peoples' economic prosperity and welfare.
My
5th Attachment is an ‘Evidence Facts Sheet’ to read the
evidence/facts and agree them or dismiss/discount them.
My
6th Attachment contains over 400 ‘Defined Terms of Documents’ to
ensure integrity and avoid ambiguity. Each of the +400 threads therein
open a supporting file to ensure clarity/certainty, so that the writer and the
readers are on the same page.
Below
are two other extracts from the early part of my Letter to Paul Keating dated
28-Oct-20 (4th Attachment):
In May of this year, Choice CEO, Alan Kirkland,
asserted that Credit Card Providers have stolen $6.3 billion
from customers
“by failing to
pass rate cuts on for credit cards, banks have effectively stolen $6.3 billion
from the pockets of Australians,” Mr Kirkland said. "The 10 worst credit cards in Australia – and why you
should avoid them like the plague"
Would you send one CD, one USB Stick and an A4
hardcopy of the above Attachments (that I posted yesterday) to two different
'constitutional lawyers' to opine on -
A. my allegations
against Australia’s ‘central bank’ in my letter to Paul Keating (4th Attachment); and
B. Thirty-Two
Questions Directed at Three Financial Services Regulators, or a Royal
Commissioner, and Supporting Evidence
that warrant each question (5th Attachment) ; and
C my easy to appraise Evidence
Facts Sheet? (6th Attachment)
Some people like using a CD which auto opens at
this page (in a Windows Operating System), whereas others prefer to use a USB
Stick and navigate to open this page.
By following the written instructions at the top
of this page, the two 'constitutional lawyers' will be able to
appraise the veracity of my allegations herein.
Phil Johnston aka Bank Teller
0434 715.861